How I Manage my Millenial Money

How I Manage my Millenial Money

Money. We all use it and need it in order to survive. While this is true, many of us don't know how to manage it responsibly when we have it.

Thankfully there are many tools, resources and even Instagram accounts that can help you get and remain on track! Luckily for you, I'll be sharing a few tips on how I've been managing my millenial money ⤵️

1. Budgeting/tracking expenses

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As you start your career and gain more independence, you also start to have more money goals. Or maybe you have certain things that you want to invest in like a home, a car or a business. Whatever the case may be, it's smart to keep a budget + stay on top of everything you spend your money on.

I do this by tracking my expenses in the Money Manager app. I also have an excel monthly budget sheet. No automations here! You have to make the effort to input every single purchase. For me this works because I can set reminders to do just that and I can see the big picture in one simple click. A categorized rundown is also available on the app so you can see how much you spend on food, shopping, entertainment and more.

2. Automated savings

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Online banking is where I love to automate things! The banks I hold my money in have a function where I can set an amount to be deposited in my savings accounts. Some institutions also have fun challenges, such as the 52-week money saving challenge!

This challenge pushes you to save an increasing amount of money on a weekly basis. So week 1 = $1 deposit, week 2 = $2 deposit and so on. On the last week, you'll have to put away $52. At the end of the challenge, you’ll have an extra $1,378 to your name!

What are you waiting for? Check these options out at your bank and pay yourself first.

3. Investing

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I use an investing TSFA (tax free savings account) and the Wealthsimple Trade app to invest in stocks! I definitely recommend doing your research before you dive into this confusing world. You can start by checking out investment blogs like The Motley Fool.

Do you want to join Wealthsimple 💰? Use my link, and get $10 to trade 🤑

4. Cutting costs where possible

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From exclusive deals to coupons and points programs, think of cutting costs wherever you can! No shame in the game.

My favourite ways to cut costs and save money include:

  • Buying dry goods, canned goods, frozen fruit and vegetables for longer shelf life
  • Buying products in bulk that I use on the daily like soap and cleaning products
  • Saving electricity by unplugging appliances I don't use, washing laundry in cold, turning off lights I'm not using etc.
  • Saying no to cable, data plans and other 'extras'
  • Decluttering my space and selling items I don't need
  • and more!

How do you spend your money? How do you save your money? What are your money goals? Let me know in the comments!

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